The first four terms in an arithmetic sequence are $x+y$, $x-y$, $xy$, and $x/y$, in that order. What is the fifth term? Express your answer as a common fraction.
Since the difference of the first two terms is $-2y$, the third and fourth terms of the sequence must be $x-3y$ and $x-5y$. Thus \[
x-3y = xy \quad\text{and}\quad x-5y = \frac{x}{y},
\]so $xy - 5y^{2} = x.$ Combining these equations we obtain \[
(x - 3y) - 5y^{2}= x\quad\text{and, therefore, }\quad -3y - 5y^{2} = 0.
\]Since $y$ cannot be 0, we have $y = -\frac{3}{5}$, and it follows that $x = -\frac{9}{8}$. The fifth term in the sequence is $x - 7y
= \boxed{\frac{123}{40}}$.